Banks Lower Morgage Rate

Today it has been announced that the banks are lowering the rates by 50 basis points. This will help add a little gas to a slowing housing market. This face of the market is changing from a balanced market to a buyers market.

In terms of mortgages do you have an opinion on the 40yr Amortization? In case you haven't thought much of it I found an article on www.thestar.com that gives a little insight as to the pros and cons of taking on such a mortgage.

http://www.thestar.com/Business/article/414934